Not so secret women’s business!

We women need to realise there are particular issues and considerations facing us when it comes to money (that generally don’t apply to men) and for us to look forward to a secure financial future and be financially independent and literate, financial coaching and planning is essential. Here are a few of the reasons why.

Gender pay inequality

We are far more likely to under-earn than men. There are many different reasons for this. A lot of us feel uncomfortable negotiating and asking for a pay rise, and many organisations persist in the ridiculous tradition of paying women less than men. We tend to be less assertive, direct, and competitive than our male counterparts. We also take time off work to have and look after children, parents and in-laws and we can lose our place on the promotion ladder.

We also gravitate towards supporting roles and caring careers that generally pay less.

Glass Ceilings

Everyone knows the majority of leadership positions are filled by men. Career women are promoted to a certain level but seem to be disadvantaged or discriminated against when they want to move to the very top, or represent boards.

Low Superannuation Balances

Because we are paid less, and take more time off work caring for others, we also end up with lower superannuation balances. And we live longer, so that’s a real issue.

Our relationship with money

Our relationship with money is as complicated all the other relationships in our life. Unfortunately, many of our feminine characteristics might actually be what stops us from becoming financially independent.

We are naturally kind and nurturing, and we rarely, if ever, put ourselves. Ironically, taking care of others before we take care of themselves can cause us to act in ways that could almost be considered financial and emotional self-sabotage.

How we might think about money

It’s not lady like to discuss money

I don’t need savings, I’ll marry someone wealthy

Once I meet someone we’ll buy a house together, until then I’ll enjoy myself

I can’t afford to buy property on my own

I work hard so I deserve an overseas holiday, gorgeous clothes, fabulous shoes, some new jewellery.

I’m too busy to even think about money, let alone do something about it

I don’t understand money and I’m embarrassed about that

Mistakes We Make

We spend money taking care of other but never ourselves

We spend on things we want, versus what we need

We are more interested in our current lifestyle and we don’t think enough about our future

We are overly cautious about investing, and are not really interested in it

We depend on a someone else for our financial security

We imagine other people know more than we do

Your Parent’s Money Behaviour

We are all strongly influenced by our parent’s attitude and behaviours. How did your parent’s manage their money? Was one a spender and the other more sensible? Where you raised in a single parent family where one parent lavished you with gifts to over compensate for the time spent away from you? Were your parents’ carefree with money or uptight about it? Did they even speak to you about it at all? Anything is possible and you need to realise that whatever environment you grew up in will have influenced your thoughts and feelings around money.

But you’re not a kid anymore and it’s time to grow up and take care of yourself.

Education and mentoring

Knowledge is power, particularly when it comes to money.

The ONLY way to overcome the fear of money is to become educated.

You need to find an adviser you like and trust, someone you can be really open and honest with, and someone who wants the very best for you and understands you. You are not like anybody else, everyone is different, and everyone has different dreams and goals.

Everyone has their own money message that they carry around with them, it may have been passed down from family members, friends or society in general. These may or may not be helpful, and they can cause serious damage unless you acknowledge and recognise these messages or mindsets.